Finance News
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Import-export firms turn to black market for US dollars
As the country braces for a new devaluation of the pound, the dollar has reached new heights on the black market.
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SCZone prepares Abu Khalifa area for investment during 2023
There are many industries within this region, including small industries, food industries, and textiles.
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Egyptian gov't cancels Hajj at state expense for current season
This came during the PM's meeting of the Higher Ministerial Committee for Hajj.
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Egypt secures $13.7B to support national development objectives
This included $11.1 billion directed to sovereign projects across various economic activities and $2.6 billion for the private sector.
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European Bank for Reconstruction and Development grants $40mln loan to Angel Yeast Egypt
The bank noted that the loan would promote diversification and enhancement of the company’s value chain by adding new suppliers from private sector.
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Majid Al Futtaim inaugurates over $4mln Mall of Egypt Road
The road offers alternative routes to and from key locations in the 6th of October and Sheikh Zayed cities.
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IMF looks for 'a shift flexible exchange rates' in Egypt after end of December
The Egyptian government filed for the new IMF loan in March to address the severe impacts of the Russian-Ukrainian war on the country’s economy.
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Egypt building 18 logistics, commercial zones with $1.61bln investments
These projects cover 14 governorates and provide about 250,000 direct and indirect job opportunities.
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19 newcomers join Forbes Middle East's Top 50 most-funded startups 2022
The 50 most-funded startups in MENA have raised nearly $3.2 billion in combined funding.
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Egypt concludes $14B concessional development financing agreements in 2022
Al-Mashat explained that the agreements are distributed at $11 billion in soft development funds.
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Qalaa Holdings records 86% YoY growth in Q3 consolidated revenue
Excluding Egyptian Refining Company (ERC), Qalaa’s revenues increased by 25% YoY to EGP 5.9 billion in Q3 2022.
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Facilitating private sector-led growth in Egypt is crucial, says IMF
IMF recently approved a deal that will provide a $3bln support package to Egypt.
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UAE's Agthia eyes to accelerate its businesses in Egypt
With net revenue of AED 954 million during the Q3, Smith noted that the group's coming strategy focuses on the categories it’s currently operating.
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The parallel currency market is fading in Egypt?
Kamal added that the Central Bank’s Monetary Policy Committee is expected to approve a significant interest rate hike on Dec. 22.
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Exchange rate flexibility is important for Egypt: IMF
A heavily managed exchange rate has not served Egypt well. It has led to periods of building imbalances.
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What does 2023 hold for Egypt's venture capital market?
Tarek Assaad, Managing Partner at Algebra Ventures, shares his insights with Zawya on Egypt's venture capital market.
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FEI head commends CBE decision to stop funding loans
CBE is not responsible for backing such initiatives, but it is a must that the government offers backing to such sector.
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Egypt parliament approves bill allowing exchange of tax info with other countries
Minister of Finance Mohamed Maait told MPs that the scope of the bill is limited to exchanging tax information with member states of the Forum.
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CAPMAS: Inflation increased to 18.7% in November
According to Naeem, supply shortages and increasing production expenses were the main factors behind the monthly increase.
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EGP 1.6bn directed to tourism promotion, aviation stimulus in FY 2021/22
The Minister added that spending on aviation stimulus amounted to EGP 850m during FY 2021/22, and EGP 800m for promoting Egyptian tourist destinations